At least once a week, a client will ask me what they should charge for an offer they're making. And as much as we both like to think that I have the magic number for them, I don't. At least not until we do some groundwork first.
Since this is such a common stuck point for so many entrepreneurs, I wanted to share with you four basic steps that will help you charge what you're worth and get it:
Step 1: Shift your mindset
Right now make the decision that just because you're going to charge more, doesn't mean you have to give more.
So many entrepreneurs struggle with this, and end up giving so much that they find themselves exhausted and resentful - which doesn't serve them or their clients.
Based on my experience with working with hundreds of clients over the years, I can pretty much guarantee that you are already giving enough - if not too much.
But here's what else I've learned. When you give too much, you overwhelm your client. And what happens when they're overwhelmed? They don't actually DO anything. It immobilizes them. What happens when you give just enough and leave the option open for more - depending on how quickly they are implementing and moving forward - allows them to do just that - to consume what you're giving them and to actually put it into practice.
Step 2: Don't decide in advanced what someone can or cannot payThis is a common theme for most entrepreneurs and is an obstacle that comes up over and over again with my clients.
Honestly, it's one I don't have a lot of patience for. When I hear, "my market won't pay more" or "my clients can't afford those kinds of fees", you aren't serving anyone, least of all your clients!
That's what I mean about deciding in advance if someone can or cannot pay your higher fees.
I'll give you a personal example. If my mentor coach had decided for me that I couldn't afford the investment to work with her privately, she would have missed out on a boatload of money. But more importantly, had she decided for me that I couldn't afford her program, she would have taken from me the opportunity to step up in a way that made a life-altering change in my business.
I have two thoughts on how people make decisions about money:
1. People always find money for what they want, not necessarily for they need.
2. People buy based on emotion, not necessarily on logic.
So, your clients are going to spend money on what they want, what they value, and usually they spend more than they originally planned on (that's the emotion piece).
So, it's not up to you to decide what they will or will not spend money on. (Wouldn't it bother you if someone did that to you?) It's up to them.
If you let your clients make their own decisions on whether or not they can pay your fees, you're providing them with an opportunity for them to step up. When they step up financially, they also take you, the work and themselves more seriously, which creates extraordinary results. And for you, they simply make a better client.
Step 3: Focus on value instead of features
Our clients come to us for results, not features. What they're investing in is the value they will get from working with you and how that translates into results.
In any conversation with a potential client or any of your marketing copy, what you want to focus on most is the value that client is going to get, and the results they can expect if they do the work.
Here's an example: I have a lot of different exercises and tools that I use with my clients to help them figure out the value of what they do, and to determine what is the ultimate price that they should be charging for their services, products or programs. But those are just features.
It's the results of using those tools and doing those exercises that gets the client to be able to charge what they're worth, and they make more money faster. That's the result.
The difference is that the features are the steps, processes, tools or exercises. The value is the result that you get, which is charging what you're worth and getting it, so you're making more money faster.
Step 4: Make it very easy for your clients to say "yes" to your offers
There are a number of ways to make it easy for your clients to say 'yes' to your offers, and one of the most effective is in how you structure your payment options.
Most entrepreneurs give one option or maybe two, but there is a strategy to this that if you implement can be much more effective in converting potential clients into paying clients.
Here's an example: Let's say you have 12-week teleseminar series. Most people would either charge a single fee, or provide a 3 month payment plan, with the fee for the program divided equally into 3 installments.
And that's ok. But let me share a more effective option. Offer both a full-pay option and one or two other payment options. If they choose the full-pay option, they get to pay less. If they choose a payment plan, they pay a little more for the convenience of stretching out their investment. Credit card companies have conditioned us to do this, and it does make good business sense for you because you are being charged an additional fee every time a transactions is processed through your merchant account.
There are a number of reasons why you'd want to offer a savings for the full-pay option, one of them being that once your client has paid in full, they are committed and ready to roll. And they are going to get better results from that commitment.
Charging what you're worth and getting it will simply change your life and your business forever. It's been true for me as well as for my own clients.
And if you want specific help with raising your own fees and feeling incredibly confident in putting them out there, then come to my Online Business Breakthrough Workshop, where we'll be covering this topic in-depth.
www.OnlineBusinessBreakthroughWorkshop.com